Prior quarter 1.4%GDP Q2 2.8 % vs 2.0% estimate. The Atlanta Fed GDP now estimate was at 2.6%GDP sales 2.0% versus 1.9% estimate. Prior 2.0%GDP consumer spending 2.3% vs 1.5% priorGDP deflator 2.3% versus 2.6% estimate. Prior 3.1%GDP core PCE prices 2.9% versus 2.7% estimate. Prior 3.7% PCE prices advanced 2.6% vs 3.4% priorPCE ex food and energy and housing 2.5% vs 3.3% priorPCE services ex Energy and housing 3.3% vs 5.1% priorinventories jumped 6.9% adding 0.8% to the quarterly GDP data
Primarily consumer spending from increases in services and goods (up 2.3%). Also inventory increased this month (last quarter the inventories subtracted from GDP). The change in inventory added 0.8% vs a decline of -0.4% last quarter
The end-of-year Fed projections shows -69 basis points versus 72 basis points prior to the releases of GDP and durable goods
NOTE: The Atlanta Fed GDPNow estimate forecasts 2.6%. NOTE 2: It is likely that the inventory entry data from yesterday was not included in the calculation. That might have been a small negative to the GDP. NOTE 3: This is the first cut in what will be a series of estimates over the next few months.
This article was written by Greg Michalowski at www.forexlive.com.
